The Korea Open just scrapped a historic prize money increase. Players were informed the tournament will revert to its original purse after LIV Golf withdrew a promised $500,000 boost.

The additional increase announced was more than 40%, from the original amount of KRW 1.4 billion to KRW 2 billion.

“With $500,000 in prize money support from LIV Golf, with whom we have been expanding our partnership, the winner's share will be 700 million won and the total purse 2 billion won, making this the largest tournament in its history,” the tournament organizers announced.

The Korea Open returns to Woo Jeong Hills Country Club after a two-year gap and will be played from May 21 to 24.

A total of five LIV Golfers are scheduled to tee it up on Thursday. Two-time Masters champion Bubba Watson, New Zealand’s Danny Lee, and Mexico’s Abraham Ancer are some of the biggest names in the lineup.

South Korean golfer Minkyu Kim and Canada’s Richard T. Lee will also represent the team-based league.

The players were all set to compete for the record prize money, but then things took an unexpected turn on May 18.

“Due to reduced sponsorship, please be informed that the prize money for Kolon The 68th KOREA Open Golf Championship will revert back to the original amount of KRW 1,400,000,000. This does not affect points allocated to the tournament and it will remain as a Tier 2 event,” the organizers stated in an email to the players.

The tournament's financial shift follows the withdrawal of LIV Golf's funding. Despite the prize money U-turn, the organizers remain strongly committed to “delivering a world-class event for all competitors.”

The Kolon Korea Open remains part of the Open Championship Qualifying Series. The highest-finishing non-exempt player will secure a spot.

The specific reasons for the sudden funding withdrawal remain unconfirmed by organizers.

The Reason Behind LIV Golf’s Sudden Withdrawal

LIV Golf has organized events across the world, and the league has been determined to expand the reach of the sport.

“LIV Golf, which supports the global growth of golf, aims to contribute to the development of promising Korean players through this opportunity,” stated LIV Golf CEO Scott O'Neil.

However, the tour is at a crossroads. With the PIF ending its five-year partnership with LIV, the league is currently searching for new long-term investors.

O’Neil has introduced changes to its investment structure. In time, it will become clear whether LIV will be able to continue its mission of supporting the “global growth of golf.”

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Written by

Avishek Sarkar

Edited by

Pulkit Prabhav